Mobile
PaymentsSecure Your Mobile Payments with VASCO DIGIPASS OTP

Overview:

Mobile payments are an emerging and rapidly-growing
alternative payment method, already quite popular in
Europe and Asia. Rather than pay by cash, check, or
credit card, an individual can opt to use their mobile
phone to pay for an ever-increasing range of (digital)
goods and services. Because of their quick transaction
speed and convenience, mobile payments are gaining popularity
as a method of paying for small-ticket items, such as:

Some mobile payment solutions are also used in developing
countries for micropayments.

Goal:

Mobile payment is quickly becoming the preferred
method of payment upon checkout at e-commerce sites
like online gaming sites. After undergoing a two-factor
authentication process involving both PIN and one-time
password verification, the customer’s mobile account
is charged for the purchase. This particular type of
mobile payment method yields the following benefits:

Fraud Reduction
Because the payment is made using a mobile phone, no
credit card information is stored by the merchant, eliminating
the opportunity for hackers or employees to compromise
card information.

Defense
Using one-time passwords, the transaction can be verified
to have originated from the exact phone registered for
a specific user.

Easy
It is just another payment option available at checkout.

Fast
Most transactions are completed in under 10 seconds.

Proven
70% of all digital content purchased online in some
parts of Asia use the direct mobile billing method with
one-time passwords.

Threats:

Once a method of payment has achieved widespread
use, it will become the target of hackers and thieves.
Consider the security dilemmas associated with one of
the most popular methods of payment: credit cards. With
all the security gaps inherent in credit cards, a mobile
platform is even more vulnerable still. Because a mobile
platform has the added vulnerability of being a “mini-computer”,
it can be targeted using techniques that are much less
obvious than those associated with credit cards. For
example, unlike credit cards, a breach in mobile security
cannot simply be detected within the computer infrastructure
in the form of viruses, malware, and man-in-the-middle
attacks. Mobile security attacks are much more elusive.

Approach:

By combining DIGIPASS authentication with your current
mobile payment application, you can provide your customers
with an easy, convenient and secure payment alternative.
VASCO’s solution can reside seamlessly within your mobile
payments application via direct integration of the DIGIPASS
API.

Benefits

By securing mobile payments with VASCO DIGIPASS,
you will enjoy the uncompromised security that payment
applications demand; not to mention the proven scalability
and reliability that VASCO’s track record exemplifies.
We have supplied the world with security solutions for
more than fifteen years, so you can be confident you
will be able to process payments whenever your customers
want to make them. Our more than 100 million users can
attest to that.